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Arvest Purchases 29 Bank Of America Locations

Arvest Bank announced Thursday it has entered into an agreement with Bank of America Corp. to purchase 29 banking locations and most deposit accounts and loans associated with those locations.

The locations are all within or close to existing Arvest markets.

The purchase is subject to receiving regulatory approvals, which are expected in the first quarter of 2013. Under the agreement, Arvest will purchase certain assets, including 18 branch locations owned by Bank of America, most deposit accounts such as checking, savings, IRAs and CDs belonging to households and small-business customers who live in the local area and are serviced at these locations, as well as lease obligations for 11 other branch locations. The transaction does not include credit card, mortgage, brokerage or trust accounts.

The agreement includes nine branches in Arkansas in Harrison, Hot Springs, Hot Springs Village, Mountain Home and Russellville. The deal involves 15 branches in Missouri, four in Oklahoma and one in Kansas.

Terms of the sale were not released. Beth Presley, marketing director for Arvest, said the transaction involves the transfer of $750 million in deposits and the accounts of some 65,000 customer households.

“The acquisition of the location in the Russellville market reveals Arvest’s commitment to meet the financial service needs of individuals and companies in the River Valley community,” said Craig Rivaldo, president of Arvest Bank in Fort Smith. He said Arvest will work to provide its new customers “a seamless transition to Arvest Bank.”

Many Bank of America employees will transition to the company and keep their current positions.

Bank of America customers at the acquired branch locations should continue to use their current Bank of America checks, debit cards and other products and services until they are contacted by Bank of America and then subsequently by Arvest after the transaction is approved.

Arvest Bank operates more than 240 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own board of directors and management team. The banks serve customers in 90 communities.

The sale was the second in recent weeks by Charlotte, N.C.-based Bank of America. The company announced the sale of nine Missouri banks to Farmington, Mo.-based First State Community Bank in November. The deal will close in the second quarter of 2013.

Bank of America announced last year its intent to close or sell 750 branches over the next few years, The bank currently operates about 5,500 retail banking centers.